Apple

By Eric J. Savitz The biggest bombshell in Apple’s December quarter earnings report came on the company’s conference call, when CFO Luca Maestri provided a hugely disappointing forecast for the March quarter. Management’s guidance, implying overall quarterly revenue will fall 5% from a year earlier to about $90 billion, with a drop of nearly 10% in iPhone sales, sent the stock down as much as 3.5% in after-hours trading. Shares opened Friday slightly below $180, the lowest level in nearly three months. But Apple shares have since staged an impressive turnaround, briefly moving into the green before slipping lower again. Wall Street seems to have adopted a view of the quarter laid out by Morgan Stanley analyst Erik Woodring, who described the ugly forecast as a “clearing event” that will allow investors to refocus on the company’s June Worldwide Developers Conference. That is when he thinks Apple will finally disclose […]

JPMorgan analyst Samik Chatterjee maintains Apple (NASDAQ:AAPL) with a Overweight and lowers the price target from $225 to $215.

Apple (AAPL) shares are likely to trade down after its fiscal Q1 earnings report as estimates for fiscal 2024 and 2025 are expected to be revised, UBS said in a report sent Friday. The firm projects H1 iPhone shipments of 128 million units, compared with the project of about 128.5 million units a year earlier. The investment firm expects roughly 4% revenue growth in fiscal 2024 and 3% growth in fiscal 2025, compared to the consensus of 4% and 6%, respectively. The “iPhone still comprises roughly 50% of total revenue dampening growth of services that should account for 24% of the mix,” UBS analysts said. The iPhone sales are taking a hit from competition in China, it said. “At an average [average selling price] of roughly $900, lost share in China could pressure iPhone revenue by slightly more than $7 billion, a 3.5% iPhone revenue headwind and [around] 1.9% total

Apple reports first quarter results Services revenue reaches new all-time record EPS up 16 percent to new all-time high CUPERTINO, Calif.–(BUSINESS WIRE)–February 01, 2024– Apple(R) today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year. “Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and

Apple Posts Q1 EPS of $2.18 on Revenue of $119.6 Billion, Vs CIQ Analyst Consensus of $2.10/Share on Revenue of $118.3 Billion.

Apple Q1 iPad Sales at $7.02 Billion Vs Visible Alpha Analyst Consensus of $7.2 Billion; Services Sales at $23.1 Billion Vs Consensus of $23.2 Billion.

Apple (AAPL) reported fiscal Q1 diluted earnings late Thursday of $2.18 a share, up from $1.88 a year earlier. Analysts surveyed by Capital IQ expected $2.11. Sales in the quarter ended Dec. 30 were $119.58 billion, up from $117.15 billion a year earlier. Analysts surveyed by Capital IQ expected $118.26 billion. Apple maintained its quarterly dividend of $0.24 per share, payable on Feb. 15 to shareholders of record on Feb. 12.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We hold our 12-month target at $210 on a P/E of 29x our CY 25 EPS of $7.25, above peers. We keep our FY 24 (Sep.) EPS at $6.56 and adjust FY 25 to $7.10 from $7.20. AAPL posts Dec-Q EPS of $2.18 vs. $1.88, beating the $2.10 consensus. Sales rose 2%, beating expectations, led by iPhone growth of 6%, while Services grew 11%. Macs returned to growth (+1%) on easier comps and product launches (M3 chip) while iPads fell 25% (lack of new products) and Wearables -11%. Weaker Mar-Q sales outlook (implies 5% Y/Y decline on tough iPhone comps) and 13% China decline (down mid-single-digit CC) were notable negatives. Although China’s softness implies share loss, growth across the rest of Asia (+7%), installed base rise (2.2B

By Brian Swint Apple shares were falling in Friday’s premarket after the company reported earnings. Analysts said that a lack of new products was an issue as well as the slump in China, a key market for the iPhone maker. “Both the Americas segment and China segment came in below expectations, and we do not believe the dynamics are likely to change in the near term, ” said KeyBanc analysts led by Brandon Nispel. “This, paired with Apple’s still premium valuation and limited growth, suggests that Apple is likely to be range-bound and perform in line with the Nasdaq at best.” KeyBanc gives Apple stock a rating of Sector Weight, without a price target. The shares fell 2.4% to $182.44 in early trading. Coming into the session, the had dropped 5.8% over the past three months, though they’re still up 21% from a year ago. Piper Sandler was also pessimistic

Apple posted revenue ahead of expectations for the October-to-December quarter, but guidance for the iPhone maker’s fiscal second quarter is underwhelming, J.P. Morgan analysts write in a note to investors. For the current March quarter, Apple expects total revenue and iPhone sales to be flat on year, excluding about $5 billion in sales in the January-to-March period last year due to pent-up demand. The adjustments implies total revenue guidance of roughly $90 billion and iPhone sales of about $46 billion, both below J.P. Morgan’s $95.6 billion and $49.4 billion forecasts, the analysts note. Apple shares are down more than 2% pre-market.

Apple (NASDAQ:AAPL) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/02/2024 20.95% Needham → $220 Reiterates Buy → Buy 01/31/2024 37.44% Wedbush → $250 Reiterates Outperform → Outperform 01/31/2024 3.9% Rosenblatt → $189 Reiterates Neutral → Neutral 01/30/2024 37.44% Wedbush → $250 Reiterates Outperform → Outperform 01/18/2024 23.69% B of A Securities $208 → $225 Upgrades Neutral → Buy 01/10/2024 9.95% Redburn Atlantic → $200 Downgrades Buy → Neutral 01/04/2024 12.7% Piper Sandler $220 → $205 Downgrades Overweight → Neutral 01/03/2024 -8.74% DA Davidson → $166 Initiates Coverage On → Neutral 01/02/2024 -12.04% Barclays $161 → $160 Downgrades Equal-Weight → Underweight 12/20/2023 37.44% Wedbush → $250 Reiterates Outperform → Outperform 12/11/2023 37.44% Wedbush $240 → $250 Maintains Outperform 12/08/2023 20.95% Morgan Stanley $210 → $220 Maintains Overweight 11/24/2023 31.94% Wedbush $240 → $240 Reiterates Outperform → Outperform 11/16/2023 31.94% Tigress Financial $225

Needham analyst Laura Martin reiterates Apple (NASDAQ:AAPL) with a Buy and maintains $220 price target.